``According to RealtyTrac, in New Jersey, 8.3% of mortgage borrowers have missed two or more payments. Once those borrowers miss a third payment, their homes fall into default and foreclosure filings follow.

Current home pricing data reflects this renewed "wave of foreclosures" where states posting the largest home price drops are many of the same states where the foreclosure rate has increased, including New York, New Jersey, Illinois and Maryland.''